The Collateral Assignment of Franchise Agreement is utilized when a franchisee needs to secure financing and wants to use their franchise rights as collateral. This document is particularly common in the United States franchise industry, where it serves as a critical tool for franchise financing. The agreement must carefully balance the rights of the lender, the ongoing operations of the franchisee, and the franchisor's interests in maintaining brand standards. It typically includes specific provisions for default scenarios, step-in rights, and requires careful consideration of both federal franchise regulations and state-specific laws. The document must also address UCC filing requirements and proper perfection of the security interest.
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1. Parties: Identification of assignor (franchisee), assignee (lender), and franchisor
2. Background/Recitals: Context of the assignment, reference to original franchise agreement and loan agreement
3. Definitions: Key terms used throughout the agreement
4. Assignment: Core provisions detailing the collateral assignment of rights
5. Franchisor Consent: Explicit consent from franchisor for the assignment
6. Rights and Obligations: Detailed explanation of parties' continuing rights and obligations
7. Default Provisions: Consequences and remedies in case of default
8. Term and Termination: Duration and conditions for termination
1. Step-In Rights: Special provisions granting lender rights to take over franchise operations in case of default
2. Insurance Requirements: Specific insurance obligations and requirements for protecting the collateral
3. Notice Requirements: Detailed procedures for providing notices between parties in various circumstances
1. Schedule A - Original Franchise Agreement: Copy of the underlying franchise agreement being assigned
2. Schedule B - Loan Agreement Reference: Summary or reference to the related loan agreement
3. Schedule C - Consent Certificate: Formal documentation of franchisor's consent
4. Schedule D - UCC Financing Statements: Copies of related UCC filings
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